Golden Group launches issuance of Series 2 of Sukuk Al Ijara

Muscat: Golden Group Holding successfully set up the OMR200 million sukuk programme in 2018. Maisarah Islamic Banking Services acted as the sole Lead and Issue Manager on the sukuk programme.

This is the largest Sharia-compliant sukuk programme in Oman established by a corporate entity. The first tranche of the Sukuk Al Wakalah with a size of OMR50 million was raised in 2018 by way of a private placement and has now matured on 5 February 2023 and was successfully repaid to the investors.

Contributing towards the growth of Oman’s Islamic capital market, Maisarah, the Islamic Banking Services window of BankDhofar is advising the issuance of series 2 of 'Sukuk Al Ijara' for Golden Group Holdings Company, after the successful close of the first tranche of the sukuk Al Wakalahby the group.

Defying the odds of the market conditions due to the unforeseeable COVID-19, Golden Group successfully redeemed the Series 1 Sukuk. Their timely repayment of the Sukuk al Wakalah showcases the company’s promise to meet its obligations and safeguard the interests of its investors.
Sheikh Salim Al Ghazali, Founder and Chairman, expressed his gratitude to the investors who participated in Series I supporting the success of the company through the challenging times.

Currently, Golden Group is planning for Series II Sukuk Al Ijara with a size of OMR50 million. Elaborating on that, Kamal Hassan Al Maraza, GM & Chief Maisarah Islamic Banking Officer said, "This Sukuk will be an opportunity for investors to deploy their funds in the local currency issuance in compliance with Sharia principles.”

Maisarah Islamic Banking Services is acting as the sole lead and issue manager. The Sukuk Al Ijara shall be offered to selective investors by way of a private placement. The proposed Sukuk has tenure of 5 years and provides full security coverage and will be listed on the Muscat Stock Exchange.

Regarding Series II, Sheikh Salim Al Ghazali highlighted, “The group is focused on growing its business portfolio with investments in Oman aiming to support the growth of the nation’s economy.”

Golden Group is operating in diversified sectors covering hotels, travel & tourism, real estate development and management logistics and oil & gas.

Maisarah is one of the fastest-growing Islamic banking windows in the Sultanate with a wide range of financial products and services.